ATB Financial says that there has been moderate growth for many industries including oil and gas, agriculture, food processing, tourism, retail and manufacturing.
“Alberta’s economy is recovering, but it is not returning to what it looked like in 2014,” says Todd Hirsch, ATB Financial’s Chief Economist. “Instead, the economy is evolving into one that is more diversified, and more typical of other Canadian provinces. It is a slow process and it may be a few more years before we see a full economic recovery.”
Housing starts are still subdued but have seen some improvement with permits also trending higher.
However, although Calgary is seeing some decent price gains, ATB says that house prices across Alberta are not expected to make any material advances this year but average prices will continue to show stability.
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The recession is over but there will be some time before Alberta’s economy is stronger and more resilient.